The head of the Russian Central Bank, Elvira Nabiullina, has confirmed that digital ruble trials will begin in 2022. Earlier, the central bank of the country expressed its intention to start testing a CBDC in April. Digital financial assets are considered property under the Russian legislation, according to a law implemented on Jan 1.
Digital Ruble Development in Russia
The ruble remains the only legal tender that all organizations are obligated to take; however, they may accept other forms of payment through an agreement between parties to a contract. The Russian Central Bank objects to cryptocurrency payment.
Russia has been working for some time now in crypto-regulation, and in 2019 was one of the early countries to control cryptocurrencies based on established property rules, compared with many western counterparts. Finally, in January of this year, the government approved the official regulations.
Russia has been examining CBDC for some time, and feedback and internal deliberation have resulted in this latest report. Private banks and institutions will be part of the pilot program.
Read more: https://btcmanager.com/russian-central-bank-digital-ruble-2022/